I’ve been following this thread for quite some time. I see where TradersWay, FXChoice, and Tallinex are at the top of the list as far as brokers go. I also see where it says that FXPrimus does not accept US clients, but recently I got an email from one of their account execs, saying otherwise. Can anyone confirm this???
In the fine print at the bottom of the FX Primus website Home page, you will find this statement —
FXPRIMUS does not offer its services to the residents of certain jurisdictions such as:
USA, Australia, Iran, Syria, North Korea, Myanmar, Algeria, Ecuador.
Ask that account exec. to explain the discrepancy.
.
I recently decided to standardize on MT4 execution, coming
from Dukascopy, so I needed a bridge framework and that is
NJ4X which enables me to interface with my existing Java
codebase into MT4 brokerages. (not intended to be advertising…)
This brought to my attention the PAMM offered by Tallinex for
MT4, and I also asked TradersWay. TradersWay also offers PAMM
for minimum $5k aggregate accounts (master plus investors equity)
so I wanted to suggest this be added as an additional feature.
I assume Tallinex’s arrangement will be similar.
PAMM allows a “money manager” or advanced trader to manage
others’ accounts with a POA (Power of Attorney) legal arrangement
so everything is nice and tidy. This may be “old news” to some
of you… but anyway.
As an MT4 newbie I am assuming most MetaTrader based outfits
will offer this same or similar MT4 PAMM feature.
Clint, you might consider putting this feature on the headline
post for these and other brokerages.
Hope this helps!
hyperscalper
Our standard requirement is only $500 from the trader + $500 for each client (unless the trader has stipulated a higher minimum).
Please note that there are two types of PAMM system:
-
a fully-proportional system (as offered by Tallinex), which requires no special licensing/registration by US-resident traders because the minimum trade size for clients is 0.000001 lots, and
-
the more common type (where the minimum trade size for clients is 0.01 lots), and does fall foul of NFA rules for people trading on behalf of other US residents
Most larger brokers should offer some kind of PAMM/MAM facility, but fully-proportional PAMMs are the exception rather than the rule.
That makes sense, what I don’t quite understand is why would they wanna do that to their residents, Is there even one good reason for it, or just plain arbitrary power trip.[/QUOTE]
It’s actually a larger issue of [I]currency control[/I]. All countries do this in one form or another to protect their interests. Just like you have a military to protect against physical borders, each country also has to protect their money. The problem with money is that it is interchangeable, especially at the cash level. But at the same time you have to do business with people outside your own borders, so it is inevitable that money must flow overseas anyway. Most of the wealth that developed countries have is [I]notional [/I]or [I]stated[/I], and they have to keep tabs on how much of the cash in circulating in their borders vs outside their borders. Japan started to do the same thing as they saw [the potential for] their residence to have large funds traded overseas, which can compete directly with their own economy. European guarantor for WebMoney also made some changes to limit the WME (EUR purses). Anti-money laundering is a common spook term for currency control in the majority of instances.
As a side issue, this is why bitcoin and other cryptocurrencies are so game-changing. Because it allows any [I][B]individuals[/B][/I] to [U]store[/U] and [U]move stored[/U] value quickly across distance (and countries/territories); and places the responsibility on the individuals that use it to self-police the system to maintain its integrity (e.g. hosting /monitoring the blockchain or ledger of transactions). The traditional banking system was always controlled by a few elite that did the fiscal/monetary policy on how the money would be used and then power trickled down from there. The trust rest with those elite few.
What you call money, and more specifically ‘your money’ is not really yours. The most recent example of this is the Greece debt crisis where the banks limited ATM withdrawals to 60 EUR/day and imposed other currency restrictions. The Greek residents found this out very quickly as did Cypriot, Argentinian, etc. not long ago. But that is an entirely different conversation that is beyond the scope of this thread. Not trying to piss anyone off here, but this was worth mentioning so people can understand why such AML controls are initiated in the first place.
I’m still lost as to how you are doing this minimum trade size. How is the master or slave account able to trade units so small?
Master accounts cannot trade that small - they’re limited to the defaults of 0.1 lots for Pro PAMMs and 0.01 lots for Micro PAMMs.
However, once a trade is filled, it’ll be proportionally split between the slave accounts where the minimum lot size is 0.000001.
I’m just trying out a demo account with a US broker and look at what I see… gaps all over the place.
I’m certain that this is done as a matter of “protecting me from myself”… somehow. :54:
“Other broker” chart shows Tallinex, where I have my live account.
Tallinex is 2 hours off in chart time. Who has had experience with Traders way? Their time is correct.
Tallinex is actually [U]3[/U] hours off in chart time. It is really disappointing to me that they are not on the same page as many other brokers in regards to the start time of the Daily candle. Most professional traders specifically choose a broker that has 5 pm EST as the start time of the Daily candle. For that reason I am considering closing my account with Tallinex and switching to FX-Choice. FX-Choice uses the proper start time for the Daily candle (5pm EST).
To Paul, the Tallinex representative: can you please recommend to the owners of Tallinex to switch to a Daily candle using the 5 pm EST start time? After all, it is what most professional traders use. Also, can you explain the rationale to us here in this thread as to why Tallinex has chosen to start their Daily candle 3 hrs later? I am really confounded about why Tallinex starts its Daily candle late.
if you look at FXDD, Pepperstone or TRaders Way, they are set to the proper time. Their time is when the market opens. Baffles me as to why a broker would expend the energy to set up a brokerage and miss the MOST important issue regarding charts. ie when does the day begin as per professional traders. After reading this thread, I was really looking forward to using Tallinex. Not now.
Our time is not “off” … each broker decides on a time zone to run their servers.
US-based brokers use New York time while off-shore brokers typically do not.
Having said that, we will be offering an option to display charts using NY time, so stay tuned.
In fact, “professional traders” will trade effectively regardless of the time zone of their broker’s servers. Some of the biggest fund mangers in the world trade with brokers who use UCT/GMT+0 or even CET-based server time zones… Dukascopy, for example, use UCT/GMT+0 and, until fairly recently, you couldn’t even open an account there with less than $50,000!
Not exactly Paul. I am trained by a Professional Trader. Proper time, for a myriad of reasons is as I stated. Not arguing, it is what it is.
Anyway, sorry Tallinex won’t work for me.
That’s just not correct. I have accounts with many offshore brokers and their daily open is set to the 5pm est.
this is correct
You left out the part where Tallinex charges a $36.00 monthly fee if you are a small trader and just want to buy and hold for a few months. I am not a day trader. So, that doesn’t work for me. I enjoyed reading your very knowledgeable thread.
Sorry, Rodney - I think you’ve kinda lost the plot! We do not charge a $36 monthly fee so you can “buy and hold”… we charge a $36 fee if you have one of our VPSs and fail to generate sufficient volume for us to cover the cost of that VPS for that specific month. That aside, if all you want to do is “buy and hold”, why do you even have a VPS?
Because I am interested in silver at these levels and you can’t buy it in the US with any significant leverage.